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What kind of income do I need to make to benefit from Mitt Romney?

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evident

Lifer
Apr 5, 2005
11,625
182
106
I didn't watch last night, but did he basically repeat the 20% tax cut across the board? Because if that's what he said, that's the biggest lie any politician has ever told and should automatically disqualify him from the presidency. We're in this mess in large part because of bush's tax cut. What he wants to do is completely bankrupt this country. Not even Fox News let his little toadie, Paul Ryan, off the hook for that.
for sure. as nice as it would be to only pay a marginal tax rate of 8% a year i can't rationalize how it would be feasible whatsoever.
 

CountZero

Golden Member
Jul 10, 2001
1,796
36
86
for sure. as nice as it would be to only pay a marginal tax rate of 8% a year i can't rationalize how it would be feasible whatsoever.
I think you have it wrong. If you were at a 28% marginal rate it would go down to 22.4% marginal rate. You don't get 20% more income back you pay 20% less taxes.
 

piasabird

Lifer
Feb 6, 2002
17,168
60
91
Most voters are not very rich. In fact their are rich democrats and republicans. Rich people are not necesarily good or bad. So are all movie stars bad?

Statistically the rich are a very small percentage of the population. So most people that vote are not rich.
 

evident

Lifer
Apr 5, 2005
11,625
182
106
I think you have it wrong. If you were at a 28% marginal rate it would go down to 22.4% marginal rate. You don't get 20% more income back you pay 20% less taxes.

got it. but still not sure how he would do this or how it would reduce the deficit, even by "ending loopholes":colbert:
 

piasabird

Lifer
Feb 6, 2002
17,168
60
91
Well look at the current president. He promised to make budget cuts when he ran for office and he failed to do it. He has accomplished nothing but passing the highest tax in the land called the Affordable Tax Care Act. The problem is that you have not yet felt the pain and suffering from this because most of it has not been put in place. There are penalties in the IRS portion that dont go into effect till 2014, and all kinds of hidden taxes. Then there is all the regulations like Death Panels that will be put into action to cut costs. The entire bill is about controlling people in every aspect of their lives. It also took control of all the Student federal loans from the banks. This means the Feds are taking on even more debt risk. This is all about controlling people. Where is the freedom to choose?

Then there is Romney who wants to due away with this or issue every state a waiver so they dont have to be slaves to the feds.

So you can go with the record of what the president has done or go with someone who literally saved the olympics for the USA, the man who is a proven leader and knows how to get things done.

Not much of a choice to me.
 

monovillage

Diamond Member
Jul 3, 2008
8,444
0
0
Oh man, this cowboy bullshit. :whiste:

Nobody just succeeds all on their own. I'm not saying the government helped you, but some parent, friend, teacher, co-worker, or role model had to have been there to inspire you to succeed.
In other words you can't even take a shit of your own since someone else grew the food.
 

Matt1970

Lifer
Mar 19, 2007
12,320
2
0
I didn't watch last night, but did he basically repeat the 20% tax cut across the board? Because if that's what he said, that's the biggest lie any politician has ever told and should automatically disqualify him from the presidency. We're in this mess in large part because of bush's tax cut. What he wants to do is completely bankrupt this country. Not even Fox News let his little toadie, Paul Ryan, off the hook for that.
Yep, the Bush tax cuts caused the housing market to collapse. Put that in your signature you baffoon. Waaaa, you fell for an onion article.
 

Phokus

Lifer
Nov 20, 1999
22,995
774
126
Yep, the Bush tax cuts caused the housing market to collapse. Put that in your signature you baffoon. Waaaa, you fell for an onion article.
Oh, you're right, i forgot to add in Bush's wars.

You are stupid:



But it's not surprising, for a guy who thinks an onion style article is real :D
 

AlienCraft

Lifer
Nov 23, 2002
10,539
0
0
You asked what kind of income, not what level.
Unless your income comes from investment or "carried interest", your boat will not lift as high as those whose income is derived from the efforts of others.
 

Fern

Elite Member
Super Moderator
Sep 30, 2003
26,907
173
106
What kind of income do I need to make to benefit from Mitt Romney?
Something other than capital gains and dividends. The rate stays the same on those but, IIRC, goes down for everything else.

Fern
 

Todd33

Diamond Member
Oct 16, 2003
7,842
2
81
Hey, if he's going to promise a chicken in every pot then Obama should have promised two chickens.
That was basically what Mitt was doing last night.

No new taxes!
Lower taxes for everyone!
No cuts to SS or MC!
All the good stuff from Obamacare (without anyway to pay for it)!
 

Fern

Elite Member
Super Moderator
Sep 30, 2003
26,907
173
106
What's more:

A few lessons can be drawn from the numbers. First, the Bush tax cuts have had a huge damaging effect. If all of them expired as scheduled at the end of 2012, future deficits would be cut by about half, to sustainable levels

http://www.nytimes.com/2011/07/24/opinion/sunday/24sun4.html
Your link is not working for me.

I wanted to see the article because that sounds false. IIRC, the latest CBO estimate on revenue from expiring all the Bush tax cuts was in the area of $100 billion. If so, that wouldn't come any where near enough to cut our deficit in half.

Fern
 
Last edited:

Matt1970

Lifer
Mar 19, 2007
12,320
2
0
What's more:

A few lessons can be drawn from the numbers. First, the Bush tax cuts have had a huge damaging effect. If all of them expired as scheduled at the end of 2012, future deficits would be cut by about half, to sustainable levels

http://www.nytimes.com/2011/07/24/opinion/sunday/24sun4.html
That's funny, CBO and White House numbers put the Bush Tax cuts well below $200 Billion. It's not even $100 Billion for those making over $250K/Year.
http://news.firedoglake.com/2012/08/27/cbo-nearly-1-trillion-saved-by-letting-bush-tax-cuts-over-250000-expire/
How eliminating $200 Billion in tax cuts trims the $1.2 Trillion in half is well beyond me.
 

zinfamous

No Lifer
Jul 12, 2006
105,935
20,873
136
It's not about the income level. If you want to pull your own weight, be accountable for your own success or failure, and not depend on the government handout, Romney is the better choice. If not, then obummer is your guy.

well, we know how Romney actually legislates, as we have a history of that. If you believe this about Romney, then he has fooled you quite successfully.

:D
 

momeNt

Diamond Member
Jan 26, 2011
9,297
350
126
Oh man, this cowboy bullshit. :whiste:

Nobody just succeeds all on their own. I'm not saying the government helped you, but some parent, friend, teacher, co-worker, or role model had to have been there to inspire you to succeed.
All of those are different than checks in the mail or money showing up on a plastic card every month.
 

Fern

Elite Member
Super Moderator
Sep 30, 2003
26,907
173
106
I'll play.

Capital Gains.
And you're dead wrong.

Edit: Wait. Sorry. I think you're partially correct. IIRC, lower earners have tax-free cap gains up to a certain limit.

Fern
 

boomerang

Lifer
Jun 19, 2000
18,890
638
126
Don't worry, if Mitt gets elected you'll be a poor Democrat before his first term is over.
I know with certainty that if Romney doesn't pull every poor person out of poverty he will be a total failure in the eyes of the left and will be buried in heaps of blame . Obama however, is trying his hardest to accomplish the same thing and not accomplishing it, but he's a saint for trying.
 

infoiltrator

Senior member
Feb 9, 2011
704
0
0
We are in a mess because those elected got us there, and the economy tanked.
This did not happen in one term.
It has taken fiscal genius, "vote for this, get elected. Vote against paying for the spending." A periodic problem with elected government.
This is supposed to be a government of comprise facing reality.
The founding fathers bankrupted the country, compromised on moral issues "for the good of the nation." Defeated the "Whiskey Rebellion" (tax protest).
Cheated veterans out of promises,, and sold land they did not own.

Have faith in the good guys. (do, good guys have better record than pull down guys).
 

DLeRium

Lifer
Feb 19, 2001
20,158
20
81
from the Obama thread:

I benefit from Romney. I make under 6 figures, but I'm single. No house. No child. No deductions worth crap.

I'll pay less under Romney with his 20% income tax cut.

I also have some capital gains which would get tucked away under Romney.

I ran this through a calculator to be sure, but it sounds pretty true to me.
 

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